{"id":1818728,"date":"2023-01-21T17:50:06","date_gmt":"2023-01-21T22:50:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1818728"},"modified":"2023-01-21T17:50:27","modified_gmt":"2023-01-21T22:50:27","slug":"very-irresponsible-yellen-blasts-house-republicans-for-wanting-spending-cuts-amid-debt-showdown","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/very-irresponsible-yellen-blasts-house-republicans-for-wanting-spending-cuts-amid-debt-showdown\/","title":{"rendered":"\u2018Very Irresponsible\u2019: Yellen Blasts House Republicans For Wanting Spending Cuts Amid Debt Showdown"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fvery-irresponsible-yellen-blasts-house-republicans-for-wanting-spending-cuts-amid-debt-showdown%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1818728&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p><a href=\"http:\/\/dailywire.com\/topic\/treasury-department\" target=\"_blank\" rel=\"noopener\">Treasury<\/a> Secretary <a href=\"http:\/\/dailywire.com\/topic\/janet-yellen\" target=\"_blank\" rel=\"noopener\">Janet Yellen<\/a> It was stated on Saturday that <a href=\"http:\/\/dailywire.com\/topic\/house-republicans\" target=\"_blank\" rel=\"noopener\">House Republicans<\/a> In the midst of renewed economic uncertainty, it is possible to negotiate spending cuts. <a href=\"http:\/\/dailywire.com\/topic\/debt-ceiling\" target=\"_blank\" rel=\"noopener\">debt ceiling<\/a> Battle are \u201cvery irresponsible.\u201d<\/p>\n<p>Official <a href=\"https:\/\/www.dailywire.com\/news\/yellen-warns-congress-extraordinary-measures-have-begun-after-debt-ceiling-breached\" target=\"_blank\" rel=\"noopener\">informed<\/a> Kevin McCarthy, House Speaker (R-CA), and other legislators in a recent <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy1196\" target=\"_blank\" rel=\"noopener\">letter<\/a> The debt ceiling is an arbitrary limit on the amount of the <a href=\"http:\/\/dailywire.com\/topic\/national-debt\" target=\"_blank\" rel=\"noopener\">national debt<\/a> Congress has exceeded the limit of almost $31.4 trillion set by law as of this week. Yellen made the following statement in an <a href=\"https:\/\/apnews.com\/article\/politics-us-department-of-the-treasury-united-states-government-district-columbia-china-0f7f0d85ed38353940a18cd262de8b09?utm_source=homepage&#038;utm_medium=TopNews&#038;utm_campaign=position_01\" target=\"_blank\" rel=\"noopener\">interview<\/a> According to the Associated Press, House Republicans who call for spending cuts run the risk of a \u201cself-imposed calamity in the United States and the world economy.\u201d<\/p>\n<p>\u201cThis is about paying bills that have already been incurred by decisions with this and past Congresses and it\u2019s not about new spending,\u201d She said that sustainable expenditures can&#8217;t be sustained, and she agreed. \u201cnegotiated over whether or not we\u2019re going to pay our bills.\u201d<\/p>\n<p>Yellen, who is currently touring multiple African countries for a trip centered on the continent\u2019s economic development, said that the position of withholding a debt ceiling hike until more spending cuts occur is \u201ca very irresponsible thing to do\u201d Added to that, the position could lead to serious consequences for those in it. \u201cthe day of reckoning.\u201d In her letter to lawmakers, she indicated that investments in the Civil Service Retirement and Disability Fund and Postal Service Retiree Health Benefits Fund were temporarily suspended. \u201cextraordinary measures\u201d The Treasury Department adopted the following measures to maintain the government&#8217;s financial viability: They are expected to last until June.<\/p>\n<p>Yellen believes that Congress will be able to defuse the situation as they have a good understanding of the economic calamity that could result from the federal government defaulting. Beyond the possibility of a default, diminished trust in the government\u2019s ability to repay debt can also cause \u201cmarkets to become quite concerned,\u201d She went on.<\/p>\n<p>In order to maintain deficit-driven spendings, the federal government has relied on substantial budget deficits in recent decades. According to the latest fiscal year&#8217;s figures, 46% of federal budget was made up by Social Security, Medicare and other health initiatives. <a href=\"https:\/\/fiscaldata.treasury.gov\/americas-finance-guide\/federal-spending\/\" target=\"_blank\" rel=\"noopener\">data<\/a> From the Treasury Department, even as <a href=\"https:\/\/www.dailywire.com\/news\/interest-payments-on-the-national-debt-on-pace-to-surpass-military-spending\" target=\"_blank\" rel=\"noopener\">maintenance costs<\/a> The current rise in interest rates across all sectors of the economy has caused the national debt to soar.<\/p>\n<p>Yellen, who was previously the Federal Reserve&#8217;s Director, said it in another <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy1188\" target=\"_blank\" rel=\"noopener\">notice<\/a> That was last week \u201cfailure to meet the government\u2019s obligations\u201d This would refer to \u201cirreparable harm\u201d both the domestic and global financial systems. \u201cPresidents and Treasury Secretaries of both parties have made clear that the government must not default on any obligation of the United States,\u201d She wrote. \u201cYet the use of extraordinary measures enables the government to meet its obligations for only a limited amount of time.\u201d<\/p>\n<p>McCarthy is scheduled to meet with President Joe Biden in order to discuss the debt limit negotiations. House Republicans called on their Democratic counterparts to explore possible spending cuts. Jason Smith (R,MO) is the chairman of Ways and Means Committee. <a href=\"https:\/\/waysandmeans.house.gov\/smith-democrats-need-to-come-to-the-table-to-address-reckless-spending-and-debt-limit\/\" target=\"_blank\" rel=\"noopener\">statement<\/a> That \u201creckless spending\u201d Produced \u201cthe worst spike in prices in forty years\u201d This can lead to a decrease in living standards.<\/p>\n<p>\u201cInstead of attacking his political opponents, President Biden should be spending this time working with House Republicans to address the debt ceiling in a way that imposes some fiscal sanity. Otherwise, the President is simply scheduling America\u2019s next debt crisis,\u201d He continued. \u201cWe can find commonsense solutions to halt reckless spending, put American\u2019s finances on stable footing, and ensure we meet our debt obligations.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen asserted on Saturday that House Republicans attempting to negotiate spending cuts amid the renewed debt ceiling battle are \u201cvery irresponsible.\u201d The official informed House Speaker Kevin McCarthy (R-CA) and other lawmakers in a recent letter that the debt ceiling, an arbitrary cap on the national debt established by Congress, exceeded the &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1470191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[14247,7348,3675,3862,6202,5487,3653,3756,12152,3834,6195,5286],"class_list":["post-1818728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-irresponsible","tag-very","tag-blasts","tag-cuts","tag-daily","tag-debt","tag-house","tag-republicans","tag-showdown","tag-spending","tag-wire","tag-yellen"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1818728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1818728"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1818728\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1470191"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1818728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1818728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1818728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}